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LAISSEZ FAIRE: A french term that translates into "leave us alone." It has become the rallying cry for many business leaders of the second estate who oppose government intervention, regulation, or even taxation. It's based on the belief that markets alone can achieve an efficient allocation of our resources. This laissez faire philosophy of should be contrasted directly with the philosophy of paternalism, which essentially says "Government needs to care for you because you can't care for yourself."

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Lesson 23: Factor Market Equilibrium | Unit 2: Market Control Page: 7 of 24

Topic: Selling Side <=PAGE BACK | PAGE NEXT=>

  • A review of the notion of market control:

  • Market control is the ability of a firm to control the price and/or quantity of the good sold.
  • Market control depends on the number of participants in the market.

  • The notion of market control is typically discussed in the context of the selling side of a market.

  • Market control on the selling side of the market is most important for the analysis of product markets.

  • For factor markets, market control on the buying side tends to be more important.


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MARGINAL COST OF SEARCH

The incremental cost incurred by additional search effort is the marginal cost of search. Marginal cost of search, also termed marginal search cost, is comparable to marginal cost of short-run production analysis. Marginal cost of search increases with an increase in search effort and is represented by the marginal cost of search curve. This is one half of the efficient information search decision. The other is marginal benefit of search.

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PINK FADFLY
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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors hoping to buy either a small palm tree that will fit on your coffee table or several magazines on fashion design. Be on the lookout for fairy dust that tastes like salt.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
"The majority of men meet with failure because of their lack of persistence in creating new plans to take the place of those that fail. "

-- Napoleon Hill, author

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A nth-order Moving Average Process
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